Treasury Announces New Guidance to Boost Use of SLFRF for Affordable Housing

Wednesday, July 27, 2022 - 9:30am

The U.S. Department of Treasury today announced new guidance to increase the use of American Rescue Plan (ARP) funds to boost the supply of affordable housing. The guidance permits State and Local Fiscal Recovery Funds (SLFRF) to fund the full principal amount of long-term affordable housing loans and expands the list of federal programs for which the SLFRF can be used for affordable housing. Treasury earlier encouraged governments to dedicate part of the overall $350 billion in SFLRF to affordable housing and through March 31, Treasury data indicates that more than 600 state and local governments had budgeted $12.9 billion in SLFRF funds to meet housing needs and to lower housing-related costs. A Notes from Novogradac blog post will provide more information on the guidance.

The Novogradac Low-Income Housing Tax Credit Handbook is updated for 2022, providing an essential resource for affordable rental housing owners, developers, managers and investors–and the professionals who counsel them.